Midweek Review of The Cryptocurrency Market
The 2021 crypto market’s bull run is still on the rise, and many cryptos are on the verge of breaking their all-time high values in the near term. In this article, we attempted to cover the technical analysis of top cryptocurrencies in the market in terms of market capitalization. In the latter part of the article, we have also analyzed altcoins that had maximum growth in the past seven days. Let’s get started.
Bitcoin is continuing its bullish run and expects to make a brand new all-time high in the near future. The price of a single Bitcoin is currently around $58k, and the current ATH value is $61,700. The support zone on the 4-hour and daily timeframe are at $54,649 and $46,619, respectively. There is no specific resistance currently for this crypto, and the only resistance we should be looking at is its current ATH value and the round-number resistance at $65k. The BTC/USD pair continues to make higher highs followed by lower highs and is expected to break the current ATH level shortly.
The recent news on the PayPal Bitcoin checkout service could further increase the trust and credibility of Bitcoin among the public. With this decision, users of PayPal get to buy the products and services from about 29 million merchants using Bitcoin via PayPal.
Also, note that the recent decision of VISA to accommodate cryptos (USDC) to settle its transactions have positively impacted the price of Bitcoin.
Ethereum is continuing its consolidation phase but is expected to break its current all-time high soon. The current price of ETH is just 10% below its all-time high value. The current support zones of Ethereum on the 4-hour and daily timeframes are $1566 and $1377. The present ATH zone of ETH is the only resistance level around the $1,956 range. The price is expected to reach its all-time high value and could break the $2000 level very soon. In any adverse scenario, the price of Ethereum could reach the nearest support zone at $1566 before making a higher high.
Binance Coin (BNB/USD)
Surprisingly, the Binance coin has the third-highest market capitalization among the six thousand odd cryptos existing in the market right now. The price of BNB/USD has reached its all-time high value of about $340 in the mid of February 2021. Ever since then, the price action of this crypto has been moving in a range as the market got consolidated. In the above price chart, you can clearly see the market printing lower highs continuously and is expected to make a brand new higher high in the near term. The support levels of Binance Coin on the 4-hour and daily time frame are at $254 and $138, respectively. There is no solid resistance zone for this pair except for its previous ATH levels around $340.
The price of Cardano has been raising ever since the crypto bull market started at the end of 2020. The current ATH value of this cryptocurrency is $1.3769. According to technical analysis, the price of Cardano is about to make a higher high before breaking its current consolidation phase. The support zone of this crypto is at $1.0994, and the resistance levels on the 4-hour and daily timeframes are at $1.2277 and $1.4003, respectively. At the current state, the price of ADA/USD could reach the nearest support zone and shoot up to the north to make a brand new higher high.
Altcoins that have seen maximum growth in the past week
Holo and Filecoin are the top two cryptos that have seen maximum growth in the past seven days.
Holo Coin (HOT/USD)
Of all the cryptos in the market currently, the Holo coin has been the one with the highest growth rate in the past seven days (+121.11%). Holding this altcoin could be a great investment idea, according to our technical analysis. The support and resistance levels of HOT/USD on the 4-hour timeframe are at $0.0104 and $0.0164, respectively. The price could shoot up to the north or could reach the current support zone before making a brand new higher high. Note that the current ATH value of this crypto is at $0.0197, which could also be a potential resistance on the daily timeframe.
Since the past seven days, the price of FIL/USD has increased by ~82%. There could be many fundamental factors behind the price rise of this crypto, but technical analysis suggests that the price could further increase in the near term. On the daily timeframe, the support area of the Filecoin token is at $131, and there is no potential resistance level except for the round-number resistance at $170. If you are looking at investing in altcoins, this crypto could be an ideal choice.
We hope you find this article useful and informative. If you are interested in buying any of the coins mentioned above for the lowest price, check our well-curated crypto exchange page. Cheers and all the best!
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